Sault economy faring well according to the EDC

NEWS RELEASE

SAULT STE. MARIE ECONOMIC DEVELOPMENT CORPORATION

*************************** Local economy faring well: SSMEDC

SAULT STE. MARIE - The Sault Ste. Marie economy has fared well during the past few years.

Employment and population levels have risen, and construction activity is reaching record highs.

As well, reputable third-party sources have found that the community is a pretty darn good place to live, learn, visit and do business.

These, and other, findings were presented to city council and the public by the Sault Ste. Marie Economic Development Corporation (SSMEDC) Monday night.

In a detailed report and address, CEO Tom Dodds unveiled his organization’s key performance indicators (KPIs), from January 2010 to September 2011, which includes the following results:

- SSMEDC clients have directly invested about $335 million into the community

- This activity has resulted in between 900 and 1,000 jobs

- SSMEDC activity has generated about $6 million in tourism revenue

- SSMEDC activity has led to increased tax revenue to the municipality and an estimated $21 to $41 million in annual payroll

Also included in the information package to council was the SSMEDC 2010 annual report.

The documents and presentation, put simply, are a way to demonstrate what the SSMEDC has been up to and how effective the organization has been in generating wealth, creating jobs, attracting visitors and increasing the tax base.

“Our core funding comes from the municipality and the taxpayers of Sault Ste. Marie, and it’s important that we show them what they’re getting for their investment,” said Dodds, who joined the SSMEDC, a non-profit organizations that works closely with city council and staff, in April 2011.

His council presentation and accompanying report are a key component of the 2009 memorandum of understanding (MOU), signed between the SSMEDC and City of Sault Ste. Marie.

The MOU sets deliverables for both agencies. For the SSMEDC, as an example, it includes a regular reporting schedule, designed to demonstrate accountability for the investments it receives from the city.

“We take accountability extremely seriously,” said Greg Punch, president and board chair of the SSMEDC. “The funding our organization receives from the taxpayers of Sault Ste. Marie is crucial for us to deliver our programs and generate wealth for the community, and it’s important that we demonstrate a return on these investments.”

The KPI report to city council, along with the SSMEDC 2010 annual report, is available at www.sault-canada.com

***************************